Despite a humongous debt profile, the House of Representatives on Thursday passed an additional $1.5 billion and €995 million external loan requests of President Muhammadu Buhari.
The fresh loan is approximately N1 trillion at the official exchange rate.
The loan approval was granted after the chairman of the House Committee on Aids, Loans and Debt Management, Ahmed Dayyabu, urged the parliament to consider a report “on the request for the approval of external loans to finance the priority projects of the federal government and help to boast the military in fight against insurgency.
Credit: PressExpress